You learned that there are three daily newspapers here, each giving cable news. Indeed, we heard of the assassination of King Carlos here as quickly as the rest of the civilized world. You were even surprised to find that there is one tri-weekly newspaper in English and you get a copy and read the list of guests at Mr. Braun's reception, quite up to date with the society news. You learned that Punta Arenas had been connected with the rest of the world since December, 1902, when the overland telegraph was put through to Buenos Ayres. You learned that there was gold in all the hills near by; that four dredges were engaged in mining over in Fireland, as they call Tierra del Fuego here, and one in a gulch just back of the town. Some progress has been made with this mining and there are Americans and men from the Transvaal engaged in the industry. A lot of money has been put into it, but the expense of getting the gold is still too high to make the proposition attractive to the general public and so one need not look for a gold rush here for some time. You learned that there was copper mining in many places, but that the difficulty in getting transportation by water from the remote places high up the mountains where such mines are is such as to eat up most of the profits. You learned that about 60 per cent. of the population is foreign, ranking as follows as to numbers: Austrian, German, French, English, Spanish, Scandinavian and American. The prosperity of the town you then realized depended upon sheep and furs, chiefly sheep. You found four immense ranching companies doing business here and you got the annual report of the largest one, the Exploration Society of Tierra del Fuego. It has 1,200,000 shares, owned mostly by Valparaiso and Santiago people, but Punta Arenas has 140,000 shares, of which Mr. Braun owns 62,000. This company owns 1,200,000 acres of land and its wool clip is nearly 6,000,000 pounds. Last year it had 900,000 sheep, 14,000 cattle and 8,000 horses on its property. Its capital is $6,000,000 and last year it paid nearly 15 per cent. in dividends. It has its property divided into five big ranches. Altogether its real estate holdings are as big as the State of Delaware and nearly one-half as large as the State of Connecticut. That isn't very large compared with the entire territory of Tierra del Fuego, because that land is as big as the State of New York, but it is pretty big doings as sheep ranches go. Australia and Argentina can make a slightly better showing in the production of wool, but, as the Punta Arenas people say, this country is still young in the business.